Coyotes' Moyes to dump Arizona Sting franchise
The Business Journal of Phoenix - by Chris Casacchia
Valley businessman Jerry Moyes is selling the Arizona Sting lacrosse team to focus his attention on improving the Phoenix Coyotes, which lost $30 million last year and finished in last place for the third consecutive season in the National Hockey League's Pacific Division
He's asking $5 million for the Sting -- on par with the cost of an expansion franchise in the National Lacrosse League, according to league officials.
Still, it may be a tough sell in Phoenix's competitive sports market, especially since the Sting will not compete during the 2008 season. The franchise received a league waiver, giving it the option to sit out the year if officials felt there was not enough time to secure marketing and sponsorship deals or to finalize operational details.
Moyes holds majority stakes in the Coyotes, Jobing.com Arena and the Sting. He also held ownership interests in the Phoenix Suns and Arizona Diamondbacks in the past. In May, he completed a $3.6 billion acquisition of Swift Transportation. He founded that Phoenix trucking company in 1966 and is its former CEO.
On Oct. 25, a seven-year collective bargaining agreement was reached between the NLL and the lacrosse players union to salvage the 2008 season. Nine days earlier, the NLL had canceled the 2008 season because no agreement had been reached.
The season runs from Dec. 29 into May.
Doug Moss, Sting governor and Coyotes president, said it was difficult to secure sponsors with so much lingering uncertainty.
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